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Jack Dorsey, the co-founder of the most popular social media platform Twitter has turned to Bitcoins. Recently, he discussed the implications of a coin designed by Satoshi Nakamoto powered universal basic income (UBI) strategy. Dorsey discussed the implications with the United States lawmakers and a full-time elementary school teacher, Aarika Rhodes. In the discussion session, Twitter co-founder highlighted that there is one to note that the BTC operations are transparent, the code is transparent, and the policy is also transparent.
Centralized financial system lacks transparency
While discussing with Rhodes, Jack Dorsey highlighted that there is obscurity of information forces in our current financial realm. Moreover, the infrastructure incentivizes people to negative behaviors that don’t work for them, their community, or family.
While pointing out the lack of transparency, Dorsey underscored that Bitcoin’s operations, code, and policy are all transparent. Indeed, the base foundation of the millennial project has the potential to solve numerous use cases and problems as a direct result of using government issued fiat currencies.
Jack Dirsey is planning a test of the UBI
Jack Dorsey has invested more than $55 million across the United States and overseas to experiment on universal basic income. Notably, the investments are made through business initiatives including Start Small.
According to the Twitter co-founder, they are about to test the UBI-like concept with Bitcoin. The experiment will involve creation of a small scale closed loop community of sellers and merchants that adhere to the flagship crypto coin standards. Everything will be based on the happiness quotient and willingness to participate.
Bitcoin will reduce banking costs
According to Rhodes, when we have something like Lightning Network, which allows transactions at very low cost, it is a benefit for everyone. It does not matter where they are economically.
Indeed, in terms of financial literacy adoption of BTC standards indicates long term thinking. He further underscored that just that action of owning a coin will change an individual’s mindset in fundamental ways that are net positive and compound throughout the communities.
If we intend to help the world by giving money directly, it is far better than the money that the governments spend on these support structures. It is necessary to understand that the infrastructure is not helping us.
